Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

84) #ExponentialInsights: Financial Brands: Why the Children Are Your Future

ABOUT THIS EPISODE

The children are our future. It’s a horrible cliche, I know.

But if your financial brand doesn’t successfully engage the youth…

You don’t have a future.

In the latest episode, I catch up with John Lanza, The Money Mammals Kids' Club and Shari Storm, CEO of Category 6 Consulting, and learn why the often-overlooked youth demographic is the key to future success for any financial brand.

We discuss:

- How parents (especially moms) shape their children’s financial habits

- Why the youth of today have different brand expectations

- The value of focus groups

You can find this interview and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.
 

...all that aside, I actually think the biggest problem and the biggest opportunity is that financial brands are not, they're failing to recognize that it's important to connect with the parents, to connect with the moms. We talk about the moms were not ignoring the dads, but the moms are the ones who make most of the consumer decisions in the household. You're listening to banking on digital growth. With James Robert lay a podcast that empowers financial brand marketing, sales and leadership teams to maximize their digital growth potential by generating 10 times more loans and deposits. Today's episode is part of the exponential insight series where James robert interviews the industry's top marketing sales and fintech leaders, sharing practical wisdom to exponentially elevate you and your team. Let's get into the show greetings and hello I am James robert, ley and welcome to the 84th episode of the Banking on digital growth podcast. Today's episode is part of the exponential insight series and I'm excited to welcome Sherri Storm and john Lanza to the show. Sherry is the chief executive officer at category six consulting and john is the creator of the money mammals kids club and the art of allowance project for financial brands. What I'm excited about is together they've teamed up to publish a white paper that really is educating and empowering financial brands about how they can best capture the young account holders segment, which is exactly what we're gonna be talking about today to transfer their knowledge to you. Welcome to the show Sherry and john thanks for having us James robert. Well let me ask, you know, I'm, I'm excited as we, I feel we're seeing the light when it comes to this pandemic. There's a lot of hope, there's a lot of optimism and I'm just curious for you both. What are you most excited and hopeful about right now for for you, the work you're doing, Whether that be personally or professionally, what has you really inspired today? Yeah. You know, I, I think I'm just really excited. We just launched this new program called the Art of allowance Project will be talking about it. And what excites me is just that it's something that I think can help both financial brands and parents and kids and I'm just super jazz because we're in the first month of launch of a kind of re envisioning the program. So that's exciting and it'll be exciting to see where it goes, how we reiterate from here. Absolutely. And, and, and we'll definitely get deep into that because as a parent of four, I think you're tapping into a lot of unique market opportunity and one that really aligns with a lot of the thinking and the teaching that we're doing here at the Digital Growth Institute Sherry. What about you? Well, on a personal level, my parents and my grandma had been vaccinated. My 13 year old daughter started volleyball last night. So that just, I love the word that you said hope that just brings me hope on a professional level, conferences are starting to ramp back up. You know, I, I own a speaker's bureau, so I'm getting these calls for for myself and speakers and I just can't wait till we can meet again in person and I can see all my banking and credit union friends face to face. I just can't can't wait hugs and high fives all around. You know what, I'll even do the elbow bump, you know, I will meet you where you are at and I will hug or an elbow bump, I'll take it. There you go. There you go, I'm right there with you. You know, and it's and it's funny because it's like a double edged sword, this idea of conferences and travel and you're talking to a guy who was on the road every week every other week and, and, and have been off, you know, for the last here and it's been really good, but I miss it like, like I miss that in person interaction.

I don't miss the travel per se. And I was telling my wife the other day, I feel like zoom has become my own personal teleporter, you know, like star trek. Like I can teleport from here to there and the commute time is great because I get to go home and be with the wife and kids and sleep in my own bed and wake up feeling really good the next day. But I am excited about getting back on the road myself and and really want to transfer this into, you know, you talked about the conferences and the speaking, but you guys have been doing some really good work on the research side of this, this white paper to educate and empower financial brands on how they can capture even more young account holders and, and it's very practical and you share 10 things that they should be doing right now so that they can move the needle to move forward with courage with confidence and maybe even give give a little bit of hope in this conversation as well. So, I want to start off by why publish this white paper in the first place. And then what's the biggest problem you're seeing for financial brands that want to attract account holders even in this, this post Covid world. Okay, well, I'll start with the Y and then um jOHn can answer the second part of that question if that's okay with you john. So one of the things that John and I did during the pandemic is we set up these t panels for, for several different conferences around the country and what became very apparent to us when we were talking with these teams and asking them questions and getting insight was that teenagers these days are really different than teenagers even 10 years ago and the stark difference in terms of their life's experience, their opinions there is really quite remarkable. I mean you think about, you think about kids these days, they're the only generation to have active shooter drills since kindergarten at school, right? Like how many adults even know what Alice is? You ask any kid, they know, you know, they're the only generation that has always had mobile banking and home banking. You know, they're never going to write checks. They're the first generation that has never sat in front of the television and flipped through the channels because they are the generation that has had content fed to them based on what they like. They've had it curated for them, you know, and then you throw in the pandemic on top of all of that and it's just this, this particular generation is just really different. And so john and I um started working with that. And the thing about financial institutions is they all want to be there when consumers ready to get their first car loan or their first debit card or, you know, or or their first mortgage. But what we found is kids are making those branding decisions, they're, they're building their, their alliances and they're when they're young, younger than teenagers when they're 567 There's even some studies that say that some consumers figure out their brand identity by the age of two. And so one of the things that we really wanted to stress was that this is a comprehensive strategic initiative that that banks and credit unions should be looking at. This really is about the future of, of growth and it starts today. But you're planning seeds and I think that's an important point to make that you're planting seeds today. That might not show fruit For another, you know, 10, 15, maybe even 20 years. But it's important to do the hard work now that no one else is willing to do so that you can, you know, reap those rewards. I want to come back to some of these, these key trends and characteristics John What would you, you add to this thinking from, from Sherry here? Well, let's uh, first I did want to say the...

...kids become brand aware. I was just reading about this today yesterday. So brand aware before they're too like she was talking about and they start to align and identify with brands before therefore like they start to realize that a brand means something can mean something to their identity. So let's talk about that problem. Like what is a big problem that financial brands are having in terms of attracting account holders and say first, can we stop calling them checking accounts? I mean I'm right there with you because I actually, I actually wrote that down as a note. I was going to come back and address that because you said they're not going to write checks. Spending accounts is like what I see or even with another institution I'm advising who has a philanthropic I and, and really purpose driven. They are even talking about calling them giving accounts. So it's a very unique. I'm right there with you, john no more checking accounts. Yeah, just something that's more relevant. So like you said, you talked about this, about this idea in the white paper, which is just don't assume that your worldview is, everyone's worldview. There's this idea that I forget. It's sherry, you can probably remember the name of the person. Uh, but is, you should have a mentor, not a mentee who is much younger than you to give you some perspective on the world. But we all know teens aren't using facebook, but do they really want you in the domains that they are? Do they want you on Tiktok? Do they want you on Youtube? Do they want on instagram? And that varies and it depends on the platform. So, but all that aside, I actually think the biggest problem and the biggest opportunity is that financial brands are not, they're failing to recognize that it's important to connect with the parents, to connect with the moms. We talk about the moms were not ignoring the dads, but the moms are the ones who make most of the consumer decisions in the household. And the reason that you want to do this is that we know from research that parents are going to be the guides for their kids, right, that the teens routinely say that they look to their parents and the way financial literacy works is, there are three kind of main ways, there's modeling, which is the kids do what you do, not what you say, they're gonna, they're gonna watch the parents. And so if you have a program that helps not only the kids, but the parents be a better guide. Great direct instruction. That's another way that kids learn. So that's gonna be the actual teaching that the parents are doing with their kids and then experience, which is a huge part of it. So financial experience and that comes in the form, we'll talk about it, but an allowance and then going to the institution, saving their money there, engaging with debit card as they get older. Those are all part of the financial experience. And ultimately it's all about introducing your kids to the language of money from a young age and then carrying through this conversation as they get older and that's, it's a big opportunity for financial brands to be the kind of steward in this area. I agree, and that idea of modeling instruction and experience is one once again as a father of four and I agree, because we're having these conversations, you know, my wife is with with with the kids as well as I am. We just the other day my son wanted to buy something online, it was Wild Kratz, the Tv show on PBS that he's trying to get these these badges and patches for And he got $10, he had to make a donation and he got $10 $10 bill and I filmed this and he didn't know I was filming because I thought it was so sweet how he was going to pay. So he, On the payment form started typing in the number on the dollar of like that that $10 bill of the issuance and I thought that was pretty, just intuitive and then he was like that's not working, I was like, so so what are we gonna do next? He said, can I use my amazon gift card? Because he gets amazon gift cards and he pre loaded them into the account. I was like, well it's not amazon, so it's just a really good conversation of how...

...all of this is working. And then my, my my middle daughter, I mean she is entrepreneurial to the core, I mean she's always looking for a way to take something and add and multiply value. So I really like this idea of modeling instruction and experience before we go further. I want to get some clarity though from both of you by what you mean. When we say young account holders and you touched on this a little bit sherry because I know for many financial brands, especially with leadership teams, when you say young account holders for some reason their mind goes straight to to one word millennial, but the thing is millennials are not young anymore, they've aged up and on the older end of the spectrum, those born, You know, in 1981 are turning 40 this year. Do not tell anyone I fall into that category. So from the research that you've done, who are the young account holders now because you even touched on this even, you know, it's very different than what it was 10 years ago. Yeah. And so in our, in our white paper, we talk about baby to 24 so we talk about newborns to the age of 24 that I mean that encompasses gen X I get are not gen X, gen Z and then the yet to be named cohort. But one of the things we found when we did these team panels was you asked the teenagers win, how tell us about when you opened your first account, 99 of the time. It's my parents did it for me. And and the answer is often times it was just I've always had it, I had it since I was a baby. Like this is the account that I had always and so one of the things that we're stressing is that you do have to consider the toddlers and uh the four and five and six year olds because that's when the banking relationship actually starts for them. So yeah, so that's that's the age that that we cover in the white paper. Gotcha. And I think you touched on an important point here is what comes after gen z and right here, according to Business Insider, it's gen Alpha, anyone born after 2010, but to quote business insider, it's already set up to be the most transformative generation yet. Alphas haven't just grown up with technology, they've been immersed in it since birth, early in their formative years. These Children are comfortable speaking to voice assistance and swiping on smartphones. They don't consider technologies to be tools used to help achieve task, but rather as deeply integrated parts of everyday life, That's an important distinction right there. Even between gen Z and gen Alpha and when, when, when we look at this context, when we think about these young account holders, what's driving their thinking, what's driving their behavior most first, just in general and then second, coming back to the point of when they're buying a financial product, Can you dive deeper into this area here? Yeah, we found out a few interesting things that we did not expect to find again because this is not our view, this is the view of the from the teens and the young adults, right? So you always learn a lot. Just sit there ask questions and listen. So in facilitating those groups who found one. What Sherry talked about the idea of the parents really are the number one influence like you know all of them really they couldn't even they could barely they just they just said I bank where my parents bank that's that's just what I do right? So as one and then the other one was the importance of live people, a live person available in the process of setting up an account when they're going to do a lot of their research upfront online you know which is obvious but they want to have someone available to talk to and they want a physical location to go to. And then the other interesting part is they like snacks at branches. They like free food, free food at the branches. But it's I thought it was really interesting. I had been thinking that...

...that group was going to be very focused only digitally, but there is definitely a large important offline component and actually something we discussed in your book club James robert, which is this idea that they're going to go through the process when they're trying to, when they're looking at your potential products and you're as a brand, the strength of your, you can think you're online setup is perfect, right? It's it's got everything. But then your call center is kind of average, that's going to be their perception of your brand is at that place at that time when they're this close to making the decision, they make that call and you don't have that, that one on one, whether it's in the physical branch or on the call center, every part of the process has to be really rock solid because every touch there is going to affect your brand. Well, it comes back to this point of, let's academically define experience through the lens of of what we teach here at the Digital Growth Institute. Experience being well defined systems and processes that have been number one obviously defined to applied. But the secret and the key digitally is optimized and that's not just in the digital world, that could be an omni channel experience going from digital to the call center. Coming back to the point here is you talked about the need for live help. They're gonna do their research, let's just say that 80% of the way do some comparison shopping now we're gonna go back 10 years. 2011. Shopper sciences did research in conjunction with Google, one of the most profound studies of that time, which was the googles zero moment of truth study. And they found back in 2011, The # one most influential source on a consumer's financial buying journey even digitally was the human connection. Whether that human connection was via email, live chat, telephone call center or transitioning from digital channel mobile channel two in person. I think the key takeaway from all of this is we're seeing now, you know, from multiple data points, the research, you're doing, the research that Google has done, the human influence. The HX the human experience is going to be a very important role four years to come and maybe we've lost some sight of that because we've been so focused on quote unquote technology, not about using technology as a tool simply to bring people together anything to add to that thinking there, I do want to add one thing, it reminds me of taking this tour of Zappos, because the key element here is for those in person people, they have to be empowered to do the right thing and and the way to do the right thing and the right thing is a tough thing to define. But they have to like you you have to be able to help them understand what your brand is all about so they can make the right decision. For example at Zappos they had I think they're called the happiness team. So depending on the type of the customer that's calling in this person would be empowered to spend up to $200 to provide a gift to this person. If they felt like it was the right thing to do and they would buy something personalized on Etsy for these V. I. P. Customers. But the main point was that they were all totally empowered to make sure that the zap that what that the interaction the customer was having was positive for each individual person in a way that would make them want to come back to uh to the brand. And this comes back to something that I have a hunch and it's just what I'm seeing at the macro level that that micro micro experiences are going to beat the macro or the mass experience in this post Covid world and it all comes back to and I missed this. You know in writing banking on digital growth. You know my formulaic approach...

...was was H. X. Plus D. X. Equals growth. Human experience is delivered through the context of the digital experience will lead to growth. What I missed in my biggest learning coming out of Covid, we have to put another experience that precedes the human experience which is E. X. E. X. The employee experience plus a checks. The human experience will then ultimately lead to the digital experience leading the digital growth. So it's the empowered employee and I and I teach this to, you know, looking at another brand, Zappos, I mean Tony shea delivering happiness, you know, is unfortunate, you know, tragic death last november, I think Cornell, all of us by surprise, but thankful he left some of his wisdom and you just go watch his videos and he just transferred so much knowledge at scale. But four seasons is E Sharp, another great example of experience, where he has always written and talked about ought to make the predictable so that we can humanize the exceptional technology has transformed our world and digital has changed the way consumers shop for and buy financial services forever. Now, consumers make purchase decisions long before they walk into a branch. If they walk into a branch at all, but your financial brand still wants to grow loans and deposits. We get it. Digital growth can feel confusing, frustrating and overwhelming for any financial brand, marketing and sales leader, but it doesn't have to because James robert wrote the book that guides you every step of the way along your digital growth journey, visit www dot digital growth dot com to get a preview of his best selling book banking on digital growth or order a copy right now for you and your team from amazon Inside you'll find a strategic marketing manifesto that was written to transform financial brands and it is packed full of practical and proven insights you can start using today to confidently generate 10 times more loans and deposits. Now back to the show when we look at these, these young account holders and one of the things I really appreciate with the white paper is the amount of research that went into the two of you pulling all of this together and and as a digital anthropologist, I sit at the centre of marketing, sells technology and human behavior. But one of the things that really jumped out to me was when you wrote, and I quote, young consumers represent the canary in the proverbial coal mine. So I have to ask what does this mean? Because when you think about the canary in the coal mine, I think about an early warning system. You know, caution how might consumers be an early warning system for financial brands? One of the reasons that I always recommend that banks and credit unions focus on young people. Is there going to inform you of what products and services you need today and tomorrow? Because they're the ones who are adopting things that are going to be long standing, Right? But in terms of the Canary in the coal mine reference was if you are paying close attention to that segment, you will not be caught off guard when they start to forsake different services or products. One of the things that comes to mind for me is, and you referenced it at the beginning is that this cohort, definitely their experiences with other brands definitely informs their expectations for their financial, financial institution. And one of the problems that I see is that they are using different things that we as as older people may or may not be using to extent that they are like. So an easy example as Uber. So a lot of, a lot of kids start using Uber by the time they're 14, right? If you've never used Uber, you don't understand how much easy, easier and enjoyable it is than using a cab. If you've never experienced that you don't understand. And kids these days they will not use, you know, they will have never have used taxis and Uber will be their point of reference in terms of how they want services delivered to them, right? The...

...analyst goes on, I mean it's the difference between using a raku versus cable or Alexa versus a text book or the internet versus the library. And so one of the things that I think happens with this generation is they're much more impatient when things aren't easy and enjoyable. And that's that's something that banks and credit unions overlook because I think a lot of times we consider security and safety and that to be what consumers want. When in reality they just want to do it fast and they want it to be interactively pleasing. So yeah, you just have to pay really close attention. I want to pay some context to this and this is real world. You know, a study that we're doing right now. It's a digital secret shopping study that we're conducting for a financial brand at the most important part of their digital experience, which is the application. And now we're benchmarking this application that's provided by a major third party provider who we're not gonna name to protect their to protect them because there's some major flaws that we're finding and we're comparing and contrasting, let's say, a gen Z perspective going through this application process versus a gen X or even maybe a younger boomer. They have the patients to go through all of the additional questions in the quote unquote security, we're finding about 80% of gen z is abandoning the application process. They're like, this is way too much, way too complex, way too complicated, too much friction. But then when you, when you benchmarked against, say a time for example, it's a completely different experience and it makes gen Z feel that much better, but the boomers don't feel as confident. So it's a little bit of a paradox. And I think you mentioned this, john we have to be careful to projecting our own worldview into this, these, these different areas when it comes to the recommendations that you make on how financial brands can capture young account holders. Your very first recommendation is really two simple words that, that I've connected with. And you mentioned this before, engage moms. I'd like to dig deeper here because this is really a blue ocean untapped opportunity, especially digitally, through the research that we're doing for financial brands. But first off from your perspective, why engage moms and then what's the opportunity that you see for financial brands to engage with this very unique market segment? I have been shouting from the mountain tops for years that already and you need to engage mom and here's the laundry list right here. Number one is Depending on the study they make between 80 and 90 of all household spending decisions. They are the number one influence on where their Children will do their banking. But the other thing about moms is they are a tremendous referral source. If you don't believe me, just go to facebook and type in your city moms because there is a facebook moms group in every single city and town in the world. No, I don't know in the country, but one of the things that moms do is they congregate online, They ask for referrals and they act on those referrals and that makes them a very enticing segment. I mean, the other thing about them is they tend to think pretty homogeneous tick, and I always say that word wrong, but what I mean is there are a lot of things that moms considers themselves to be, whether or not they are is up for debate, but it helps you communicate with them right? Because you sort of, you know, the rules of engagement. They want to be good moms, they want to provide for...

...their Children. Like these are things you you know, to be true and you can craft your marketing message to speak to them easier than a lot of different market segments. Yeah, they just um they're easier to reach because they're online and and and you know what they're about and they're going to bring in your new members. I mean, here it is shout out to Jeffrey Kindle, you know, Ceo of Nimbus who have had some really good conversations with and, and on their industry advisory board. I mean, what a great niche market opportunity that I could see be so transformative. I see this behavior, I see this with my wife and then you know, her sisters and, and people trust people because you're gonna shorten your learning curve by going to ask for the recommendation, the referral of others because someone has already walked that path before. But I think you've tapped on and I've heard this twice now influencer, you mentioned parents are the number one influencer mom are the number one influencer that really takes the idea of quote unquote influencer marketing to a whole new level even at the individual household. And so that's just something that I'm probably gonna stew on here a little bit further john, you know, engaging in marketing moms has been a big area of focus through the work that you've been doing over the years. And most recently with the art of allowance project. Once again as a parent, I'm really, really intrigued by the program. How might this program, the art of allowance play into some of the opportunities that Sherry is referencing for financial brands to do just that, which is those two words engage moms. Yeah. Well what we did is we kind of re envisioned our program because we had a kind of kids club program and we realized we wanted to help what we needed to help the parents because all the research we were looking at and, and frankly like it was for me, it was really exciting to finally connect and start working with Sherry because you know, I followed her work, I you know, I knew she just, she's like the mom whisperer so it was time to get to really connect and make this program something that would, that would engage the parents, right? Because we, we knew after all of our conversations and looking at the research that this is a, we have to connect with the parents and it's a huge opportunity for financial brands and what the program does more than anything is that recognizes that everybody needs some help. This is I'm going to use your words James robert, which is the program is there to help and then provide hope because every parent has every mom, every dad has a certain amount of money shame that they carry into their parenting, right? And that's going to be a roadblock for them in terms of helping their kids become money smart and money empowered is what you want to you want to program. That is let's get that gets back to what we were talking about, that has the ability to that recognizes that every parent, every kid, every everybody is going through a different journey, right? So you just want to focus on core concepts, not it's not prescriptive to say you've got to do it. 123 we say here are some foundational elements, you know, setting and saving for goals. You know, making smart money choices, things like that. Once you have that foundation, then you can realize as a parent, well one first of all those are simple concepts. And if I need to adjust my own behaviors, I can do that to be a better model for my kids. And the program recognizes, it's like, it's like a it's a Sherpa, it's like a hand, we're holding the hand of the parent as well as the kids on this journey. We're going to give you the confidence and we're going to help you and then provide you that hope that you need in order to do what you what you need to do, which is help your kids become money. Smartmoney empowered. It's pretty much like it's one of the most important things that a child can grow up with is to learn to become...

...money empowered. When I say money empowered. I basically mean people can interpret it different ways, but I would say it's just having control over money and to to provide you the life you want. It's gonna be different for everybody, but not have money. You have control over you, right? That's where you want to kind of get. Well, that's what the program is designed to do. Absolutely. I'm glad you address the idea of, of money shame, financial shame. Great ted talk by tammy lally on the subject titled money shame, the silent killer. And she really speaks from the heart on this and the experience and the tragic experience that she's lived because of that, that financial shame that impacted her family personally. And and I think to this idea of empowerment, people want three things they want to feel healthy, feel wealthy and feel happy and feel wealthy doesn't mean to be a Brazilian air. It's just, I don't have to worry about like, you know, putting food on the table like, like wealth is different things to different people, but it all comes down to the wallet because a person's financial well being directly impacts their physical well being and a person's financial well being directly impacts their mental well being. And I really have been coaching, teaching, guiding, advising financial brands to put the transformation of people once and for all over the transaction of dollars and cents. That's that's that's a purpose driven organization and and and now here is such a great practical way to do that and really plant and invest some seeds for for future growth. I gotta fall question to this because I can't help but think about chasing matt from signal intent that I talked with an episode 82. I see a lot of strong similarities between some of the programs like this, like in calculators, it all comes down to value creation because otherwise and I don't want to see this happen to you, it's it's a checklist and it's something that we check off and then we move on and then we check off and then we move on. What are the opportunities to put this type of thinking at the center of a financial brands doing and and really become kind of the core essence of their purpose for future growth. Yeah, I'm glad you brought this up because a lot of credit unions do see this and financial brands across the board see it is like here's a box to check, you know whether it's like something you have to do through your C. R. A. Or it's whether it's something you're doing based on your fifth principle. What you're missing when you check the box and that's all you're doing is a huge opportunity. The other thing is that it's not about just going into schools, right? That's it's important to provide support to schools but you're missing the core connection about the parents. But more than anything this gets you out of the sameness of the commodities business, right? I mean obviously you have to have loan programs and deposit pro incentives. You have to have those things, those are not going to differentiate you write, this can differentiate you and this is the thing that can make people think about you as an institution in a way that no, that no other institution is being thought of, you know, and can you think of anything else that matters more to moms than their kids talk about driving loyalty, nothing else. And this is stealing your words again, James roberts, we're trying to help families achieve bigger, better and brighter futures and addressing the health and the wealth and happiness that you talked about. And it's actually for Sherry and I were actually shocked that more financial brands don't recognize this opportunity. You know, I can't help but just throw an idea out for, for where this could possibly go, which would be a family financial health score, like assess a family's unique situation benchmark that and then provide the coaching guidance accountability to transform really first and foremost mindsets because...

...coming back there's so much behavior at the parental level that we pass down to our Children correctly or incorrectly. And if we can you know reinforce the positive mindset which then reinforces positive behavior and then transform the negative mindset which transforms the negative behavior. But a way to benchmark this because I can't help but just think because now this plays into a larger conversation about financial well being and you know financial empowerment wow this is this is really really like I I see so much opportunity to go beyond just being a checklist item but a true growth mechanism and this that that idea is such a great idea. It reminds me of these metrics now that they use to measure countries outside of just G. D. P. There. Their happiness index is one I think it's called the social responsibility index and they'll measure things you know they measure educational measure all different levels, you know general happiness of the people that measure you know the social safety net. And when you really this idea of doing this for families make so much sense because this way we can kind of dig into, its more than because so much of the way that we perceive success in this country is driven simply by money and it needs to be beyond the dollar, right? The dollars are important but it does need to be more. I love this financial, what you call it financial wellness index. I think I called it a family financial health score. Um and I'm riffing on this off the top of my head, I think it's important to to address as well. Family has multiple meanings. Now, you know, you have the traditional family, you have the blended family, you have the single parent family, you have cohabiting families. And so I think that's an important distinction to make as well. You know, in this larger conversation and Sherry, I know you've spent a lot of time researching, thinking and writing, you know about marketing to moms for as long as I've known, you going back to 2000 and 8, 2000 and nine. Motherhood as you wrote in your book is the new N. B. A. And when you think about financial brands engaging and marketing to moms, I have to ask what is one thing with all of this experience and knowledge was one thing this industry believes or thinks is true, but you just passionately disagree with. Yeah. Okay, well, I don't have exactly a question and answer exactly to that question, but I do have an unpopular opinion. My unpopular opinion is this I think you need to have branches and I work with a lot of people who will go to their graves saying that branches are dying, but I can hear Brett king in the back of my head saying Branch today, gone tomorrow. That's actually who I was thinking about. Two. But there are plenty of people just like, just like Brett because if you want to have a multigenerational strategy, if you want to get, you know, your customers, Children and their Children join your credit union or become a customer, your bank, you have to have a branch. And the reason is this if you want to win the hearts of young people, you can't do it if they're sitting in the back of a minivan and driving up to your drive up teller station or your drive up ATM you know, or if you know if the parents are just doing all their their engagement with you online, the kids don't see that, what kids remember, what they internalize is when they came into the branch and you gave them a sticker or a sucker or they had the kids station with a, you know with interactive toys in it and the tellers remember their names or they had the coloring contest or they they came to your branch to see santa or during, during easter they had the easter egg hunts, you know like all of these things that cement themselves in the minds of young people happen at the branch, they happen at the branch. And so I don't think, I don't think it's necessarily wise too say that you...

...should start doing away with your branches or putting them all in grocery stores or whatever. I'm gonna, I'm gonna compromise. Maybe we don't need these 5, 10,000 square foot, you know, major massive branches with this huge, you know, physical footprint, it could be smaller, maybe it's a micro, it's just a place for people to come. Maybe it's the way they scheduled, it's like you go to the doctor, you go to the doctor, you schedule appointments. Sometimes it might now post covid, it might be telemedicine, other times you might schedule the appointment to come in, but when they come in it has to be a positive experience that results in a feel good emotion. I want to look ahead in the future, you know, and get some perspective both as we wrap up here, what is one micro commitment that you could recommend financial brands commit to take today? Small progress is greater than perfection, you know, 1% better. What's a one commitment micro commitment they can make today when it comes to engaging with, with, with really moms. You know, at this point in the conversation, I would say hold some focus groups and find out what moms in your community are thinking, dealing with to start the conversation with them and keep it going. That would be, that's a very small thing to do, john well you stole mine Sherry, but I'm going to go with it anyway. No, no, no, no, no, no, no. It's in a good way. I think what Sherry saying, listen to your customers, your members, your guests, whatever you wanna call them. I've yet to meet a parent who does not want to raise money, smart kids, right? And almost all of them need a little bit of help, right, in order to provide some kind of hope. And it's just a matter of having that conversation and it's fairly easy to do. I'm going to change Jon's answer. I'm going to change his answer for him. So john provides an art of allowance workshop and I have sat in on it and I would say any bank or credit union should consider this because what he does is he goes through with a group of people online about, you know, talking to your kids about money starting from, you know, when they're very small up until when they go away to college. But then he breaks people up into breakout sessions and a breakout rooms, Excuse me. And then they talk about what they're individually going through and people get so much out of that to be able to talk to another parent and say, well, what do you do about it when they don't take out the garbage? You know what, what, and the parents love to talk about these things and providing them the forum and the structure to talk about it is really powerful, so, and that is what I would say your banker Kardian should do, I'm, I'm right there with you because you know, it really built upon my recommendation of going all in, which is asking, listening and learning, but you're building a community of like mind you're creating a safe space for people to come. I want to add one more thought to this, Maybe it's just for future conversation in addition to empowering parents and moms and kids on how to manage money, become money smart. I think another opportunity particularly for this generation is how to begin to make money and really empowering the entrepreneurial spirit that's something that I'm big in, you know personally and, and do a lot of speaking out for my kid's school. I've become the entrepreneur in chief, you know, going in and talking to these kids and, and, and and it's really fascinating to see their eyes light up as we come to the end here. If anyone's listening and it's been a great conversation and they want to continue this conversation with with one or both of you, what's the best way for them to reach out and say hello Sherry and john I can be found, my website is category six consulting dot com or Lincoln Sherry, S H A R E. My last name is storm str M. You can find me there too. And the easiest place to find me is that the money mammals dot com and uh everything you need to know about the art of allowance...

...project and the money mammals is all right there and you can get in touch with me right there john Sherry. Thank you so much for just the knowledge. The insight that you have transferred today, grab the white paper. Where can people find the white paper? It's on both of our websites. Perfect. Go find the white paper, download the white paper. Read the white paper, reach out to Sherry, reach out to john and as always and until next time be well. Do good and make your bed. Thank you for listening to another episode of banking on digital growth with James robert ley. Like what you hear, tell a friend about the podcast and leave us a review on apple podcasts, google podcasts or Spotify and subscribe while you're there. To get even more practical improvement insights visit www dot digital growth dot com to grab a preview of James, roberts, best selling book banking on digital growth. Or order a copy right now for you and your team from amazon inside, you'll find a strategic marketing and sales blueprint framed around 12 key areas of focus that empower you to confidently generate 10 times more loans and deposits until next time, be well and do good Yeah.

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